Indian billionaire investor Rakesh Jhunjhunwala says he's very upbeat about his country's growth potential after the country underwent a massive banking crisis and the rollout...Asia Economyread more
Morgan Stanley has cut its bear (worst-case) forecast on Tesla's stock from $97 to just $10, citing concerns about the company's increased debt load and geopolitical exposure.Autosread more
Home Depot on Tuesday reported fiscal first-quarter earnings that beat analysts expectations, despite a damp start to the spring in much of the U.S.Retailread more
There's more pain ahead for the U.S. and China amid their bilateral trade dispute, according to one expert.China Politicsread more
Alphabet Inc's Google said Tuesday that keeping phones up to date and secure was in "everyone's best interests," shortly after the U.S. temporarily eased some trade...Technologyread more
You know there's an underlying problem when investment firms start to cut exposure to a particular asset class.Commentaryread more
While Trump's lawyers had argued that the committee's subpoena did not have a legitimate legislative purpose — and was therefore invalid — Mehta took a broader view.Politicsread more
The issue of corporate debt has surfaced as companies continue to use the low rates the Fed has provided to lever up their balance sheets.The Fedread more
A record 257.4 million travelers are expected to opt for U.S. airlines for travel this summer, the 10th consecutive annual increase, a trade group forecast on Tuesday.Airlinesread more
The announcement comes amid a wave of store closures across the country this year.Retailread more
At many neighborhood bars, one day it's bottom's up, and the next day its lease is up.
A permanent last call is the fate a sizable portion of these bars have been facing for years. So far this year, U.S. neighborhood bars are closing at a rate of more than six per day, according to data from market research firm Nielsen, which tracked the state of the market as of Labor Day.
The trend suggests a confluence of factors both cultural and economic. Cain's Tavern, a former bar in the north Brooklyn neighborhood of Bushwick, is one establishment that met its fate in August after a proposed rent hike that co-owner Stevie Cain described as a "huge blow."
"Business was steady," Cain said. "We were a small bar and had a huge group of regulars. We did good business." Apparently, that wasn't enough to absorb what came next.
"I was fully prepared to pay a reasonable increase. It was not reasonable."
Jamie Wiseman, principal at the landlord, Cayuga Capital Management, defended the increase, saying, "The reality is that is where the market is.
"It's just gone up a lot. The rental rates for Bushwick in the last five to seven years have tripled" for small spaces like that, Wiseman said. And he added that CCM had already found a tenant.
Cain said she is "casting a wide net" to find a new space for the bar and limiting the search to spots offering 10-year leases after her experience with a shorter lease.
Even as neighborhood bars decline in number, the overall on-premise market measuring outlets where alcohol is sold is growing. Most of this growth is coming from dining establishments, and may help explain why beer, wine and spirit sales have remained at lofty levels.
While neighborhood bar counts contracted 17.1 percent from 2004 to 2014, dining outlets that serve alcohol grew 40.9 percent during the period, Nielsen data showed. That fueled a 23.4 percent rise in on-premise outlets.
"Just from what we know about consumer behavior, there does appear to be a push for more of an experience than a neighborhood bar provides," said Jon Collins, president of Nielsen CGA, in a phone interview.
Also, the neighborhood bar's decline has coincided with a surge in craft beer drinking, Mario Gutierrez, vice president, group client director at Nielsen/TDLinx told CNBC in the same phone interview.
"If you think about the neighborhood pub, it's not really in a position to offer 35 beers on tap," Gutierrez said. "That tends to be a specialized establishment."
Correction: This story has been updated to reflect that the interview with Jon Collins and Mario Gutierrez was the same interview.